DonGorgon
Master Don Juan
- Joined
- Nov 28, 2007
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Frank_Tartaglia said:
many of those folks have help from family that they dont mention wen they tell people they bought a home..lol
How do people in ther early/mid-twenties buy homes?
- Thread starter Special T
- Start date
many of those folks have help from family that they dont mention wen they tell people they bought a home..lol
Loke
Don Juan
lol @ the 21 and 23 year olds who think they have it figured out. I thought so back then too.
The 12 year business degree plan might work great for long term success, career in management, etc, but doesn't have anything to do with the OPs question about owning a house at a young age.
And thanks for the advise to buy "stocks and real estate." With all the money I put into stocks in my 401k and IRA over the last few years I can't wait till "they just multiply in value." I guess they have been the whole time. . . multiplying by fractions.
As a 28 year old who has owned for a few years, it is not as hard as it seems to get a house. As stated above, decent credit and a 3.5% down payment will get you an FHA loan. Just make sure the payment is something you can make even if you have to take a pay cut. So if you know your skills and experience are worth a 30k per year job but you got luck and are making 50k, don't go out and buy a house thats a struggle at your current income. It will only make things harder if you come upon hard times.
As for the incomes, it totally depends on where you live. I grew up in Maine where a 30k home could be found and 30k to 40k incomes were great. In Phoenix a good income is 40k to 60k and homes are widely varied from 100k to millions. It is much more about picking a house within your means and preparing for a raining day. Always be prepared to pay at least a few months mortgage payments if income comes to a halt.
The 12 year business degree plan might work great for long term success, career in management, etc, but doesn't have anything to do with the OPs question about owning a house at a young age.
And thanks for the advise to buy "stocks and real estate." With all the money I put into stocks in my 401k and IRA over the last few years I can't wait till "they just multiply in value." I guess they have been the whole time. . . multiplying by fractions.
As a 28 year old who has owned for a few years, it is not as hard as it seems to get a house. As stated above, decent credit and a 3.5% down payment will get you an FHA loan. Just make sure the payment is something you can make even if you have to take a pay cut. So if you know your skills and experience are worth a 30k per year job but you got luck and are making 50k, don't go out and buy a house thats a struggle at your current income. It will only make things harder if you come upon hard times.
As for the incomes, it totally depends on where you live. I grew up in Maine where a 30k home could be found and 30k to 40k incomes were great. In Phoenix a good income is 40k to 60k and homes are widely varied from 100k to millions. It is much more about picking a house within your means and preparing for a raining day. Always be prepared to pay at least a few months mortgage payments if income comes to a halt.
Loke
Don Juan
Now that I've thought about it, how the heck do people buy homes in New York City? I've always wondered that. Is it possible to do on your own? Or do all young people just rent forever in NYC?
You move to Jersey!Loke said:Now that I've thought about it, how the heck do people buy homes in New York City? I've always wondered that. Is it possible to do on your own? Or do all young people just rent forever in NYC?